Multiple Choice
Suppose Mary receives an $8,000 loan from First National Bank. Mary repays $8,480 to First National Bank at the end of one year. Assuming the simple calculation of interest, the interest rate on Mary's loan was:
A) 8.00%
B) $480
C) 6.00%
D) 5.66%
Correct Answer:
Verified
Correct Answer:
Verified
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